Much has changed since Long & Foster was first founded in 1968. While median home prices have steadily risen in that 50-year period, mortgage rates have enjoyed a roller-coaster ride of ups and downs. Much talk these days focuses on rising interest rates, which many experts predict will hit 5 percent in the coming year. But a quick look-back over the years shows how today’s higher mortgage rates still come in below the past few decades.
Take our quiz to see how the average 30-year fixed rate mortgages have changed since 1968.
In which year were interest rates the highest?
How high were interest rates in May 1988?
Which year had the second highest interest rates?
What were interest rates in May 1978?
Interest rates were in the sixes in both of these decades.
How much were interest rates in 1968?
How much were interest rates in May 2017?
Source: Data for mortgage rates in 1968 from http://www.fedprimerate.com/wall_street_journal_prime_rate_history.htm (April of 1968). Data for remaining years from Freddie Mac, http://www.freddiemac.com/pmms/pmms30.html (May of each year).